This course introduces students to the academic research in corporate finance. Corporate finance theory deals with the roles of corporations in the capital market and the interactions between investors, managers, regulators and other stakeholders. The objectives of this course are to learn the theories of corporate finance, analyse the research questions, and critically evaluate the academic papers.

This course focuses on selected classic and contemporary theoretical and empirical academic papers and provides students with an advanced and rigorous background in mainstream issues in modern corporate finance research.

At the end of the course, it is expected that the students have developed an appreciation of the role of theory in corporate finance research, an in-depth knowledge of the research methods and philosophies employed in researching a wide range of corporate finance problems and issues, and an ability to critically analyse, and evaluate the literature in corporate finance.

Learning Outcomes

Upon successful completion, students will have the knowledge and skills to:

1. Use an appropriate framework for considering corporate finance problems and issues;
2. Develop and test corporate finance research questions and communicate the results; and
3. Critically analyse, and evaluate the corporate finance literature.

Research-Led Teaching

Based on selected classic and contemporary papers published in top academic journals, this course is to lead students to walk into the world of research in corporate Pnance, acquire relevant knowledge from both theoretical and empirical perspectives, and develop important research capabilities with regard to communication, presentation, analysis, writing, and critical thinking.

Examination Material or equipment

The Final examination will be conducted online, for which any material will be allowed. You will require reliable assess to Wattle and a calculator for the duration of the the online exam.

Required Resources

All required readings can be accessed via Wattle.

Recommended Resources

Students can access to relevant resources via ANU library web at https://anulib.anu.edu.au/.

Staff Feedback

Students will be given feedback in the following forms in this course:

• written comments
• verbal comments
• feedback to whole class, groups, individuals, focus group etc

Student Feedback

ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). The feedback given in these surveys is anonymous and provides the Colleges, University Education Committee and Academic Board with opportunities to recognise excellent teaching, and opportunities for improvement. The Surveys and Evaluation website provides more information on student surveys at ANU and reports on the feedback provided on ANU courses.

Other Information

Announcements: Students are expected to check the Wattle site for announcements about this course.

Support for Students: The University offers a number of support services for students. Information on these is available online from http://students.anu.edu.au/studentlife/.

Class Schedule

Week/Session	Summary of Activities	Assessment
1	Introduction: Theory
2	Introduction: Empirical Method
3	Capital Structure	Presentation
4	Equity and Debt Financing	Presentation
5	Payout Policy	Presentation, Paper Review due
6	Investments	Presentation
7	Corporate Governance	Presentation
8	Mergers and Acquisitions	Presentation
9	Managerial Compensation	Presentation
10	Review and further issues	Presentation
11	Project and Presentation	Term-Paper Presentation
12	Project and Presentation	Term-Paper Presentation, Term-paper due

Tutorial Registration

Drop-in sessions will be available on campus, live through scheduled Zoom sessions and as pre-recorded videos. Information regarding enrollments for these options will be provided on Wattle during the O-week one of the semester.

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
Group Presentation	15 %	09/08/2021	25/10/2021	1,2,3
Assignment	20 %	23/08/2021	03/09/2021	1,2
Term Paper	30 %	18/10/2021	29/10/2021	1,2,3
Final Examination	35 %	04/11/2021	02/12/2021	1,2,3

* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details

Policies

ANU has educational policies, procedures and guidelines, which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Misconduct Rule before the commencement of their course. Other key policies and guidelines include:

• Student Assessment (Coursework) Policy and Procedure
• Special Assessment Consideration Policy and General Information 
• Student Surveys and Evaluations
• Deferred Examinations
• Student Complaint Resolution Policy and Procedure

Assessment Requirements

The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the Academic Integrity . In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.

Moderation of Assessment

Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.

Participation

Course content delivery will take the form of weekly online live (Zoom) lectures (recorded and available via Wattle) and weekly online live (Zoom) workshops (recorded and available via Wattle). Drop-in Q&A sessions will be held in hybrid format, on campus and online live via Zoom.

Examination(s)

Centrally scheduled examinations will be timetabled prior to the examination period. Please check ANU Timetabling for further information.

Assessment Task 1

Group Presentation

Students can self-select into groups through links on Wattle in week 1. Discussion forum on Wattle can be used to facilitate the matching of student interests. If a student cannot find a group by week 2, the lecturer will assign the student to a group. Maximum group member is 3-4 students, depending on class size. It will be determined in the week 1 class.

During the workshop in the presentation weeks, students are required to make presentation in groups about an academic paper. Paper will be given by the instructor two weeks before the presentation date. Presentations are half an hour at the maximum and will be recorded through Zoom. There is no limit regarding the number of presentation slides that will be used by the group, but the slides will need to be submitted on Wattle before the presentation. More information about the group presentations will be provided during the first lecture in week 1.

Assessment Task 2

Assignment

This is an individual task. Students will be required to conduct empirical analysis on the given data set and submit their answers to the assigned questions. Assignment answers need to be submitted through Wattle with a cover sheet. Instruction and data will be provided on Wattle in week 3.

Assessment Task 3

Term Paper

This is a group task. The term paper should include a research question, motivation for the question/contribution to extant literature, hypothesis development, sample selection, and detailed empirical research design. Each group will present their term paper, during Weeks 11 and 12, which will be recorded. Further instructions will be posted on Wattle prior to Week 6.

Assessment Task 4

Final Examination

This is an individual task. The Final examination will be a Wattle-based online (Proctorio) exam during the university examination period at the end of semester. The Final examination will be 3 or 4 hour long and cover the entire syllabus. It will be open book and all materials are permitted. The exam will be centrally timetabled and details of the final examination timetable will be made available on the ANU Timetabling website.

Academic Integrity

Academic integrity is a core part of the ANU culture as a community of scholars. At its heart, academic integrity is about behaving ethically, committing to honest and responsible scholarly practice and upholding these values with respect and fairness.

The ANU commits to assisting all members of our community to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. The ANU expects staff and students to be familiar with the academic integrity principle and Academic Misconduct Rule, uphold high standards of academic integrity and act ethically and honestly, to ensure the quality and value of the qualification that you will graduate with.

The Academic Misconduct Rule is in place to promote academic integrity and manage academic misconduct. Very minor breaches of the academic integrity principle may result in a reduction of marks of up to 10% of the total marks available for the assessment. The ANU offers a number of online and in person services to assist students with their assignments, examinations, and other learning activities. Visit the Academic Skills website for more information about academic integrity, your responsibilities and for assistance with your assignments, writing skills and study.

Online Submission

You will be required to electronically sign a declaration as part of the submission of your assignment. Please keep a copy of the assignment for your records. Unless an exemption has been approved by the Associate Dean (Education) submission must be through Turnitin.

Hardcopy Submission

No hardcopy submission is required. All assessment submission in the course is online through Turnitin.

Late Submission

Individual assessment tasks may or may not allow for late submission. Policy regarding late submission is detailed below:

• Late submission not permitted. If submission of assessment tasks without an extension after the due date is not permitted, a mark of 0 will be awarded.
• Late submission permitted. Late submission of assessment tasks without an extension are penalised at the rate of 5% of the possible marks available per working day or part thereof. Late submission of assessment tasks is not accepted after 10 working days after the due date, or on or after the date specified in the course outline for the return of the assessment item. Late submission is not accepted for take-home examinations.

Referencing Requirements

Accepted academic practice for referencing sources that you use in presentations can be found via the links on the Wattle site, under the file named “ANU and College Policies, Program Information, Student Support Services and Assessment”. Alternatively, you can seek help through the Students Learning Development website.

Returning Assignments

Feedback will on provided on Wattle and in person.

Extensions and Penalties

Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure. Extensions may be granted for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.

Resubmission of Assignments

Resubmission is not permitted.

Privacy Notice

The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information.
In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service – including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy.
If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.

Distribution of grades policy

Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes.

Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.

Support for students

The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).

• ANU Health, safety & wellbeing for medical services, counselling, mental health and spiritual support
• ANU Diversity and inclusion for students with a disability or ongoing or chronic illness
• ANU Dean of Students for confidential, impartial advice and help to resolve problems between students and the academic or administrative areas of the University
• ANU Academic Skills and Learning Centre supports you make your own decisions about how you learn and manage your workload.
• ANU Counselling Centre promotes, supports and enhances mental health and wellbeing within the University student community.
• ANUSA supports and represents undergraduate and ANU College students
• PARSA supports and represents postgraduate and research students